Based on its appearance and rumored specs, the device could be released by Microsoft as a budget-friendly smartphone.

Renders of the upcoming handset were posted by WM Power User. Based on the images, the new device from Microsoft will come in four different color variants including black, red, blue and White.

Despite being a new device, various sources noted that the Lumia 550 does not stand out from the usual look of handsets from the Lumia line.

As for its specs, previous rumors have already revealed that the device might come with a 4.7-inch AMOLED display with a resolution of 1080x720 pixels. However, other sources suggested that the Lumia 550 will feature a larger display at 5 inches.

The device is expected to be powered by the 1.1GHz quad-core Snapdragon 210 processor from Qualcomm and will pack 1GB of RAM. It will also have an internal storage of 8GB which can be expanded through a microSD card.

For its camera configurations, the Lumia 550 will sport a 5-megapixel rear shooter paired with a 2-megapixel selfie snapper. According to Windows Central, the device will also come with a front-facing flash. However, based on the recently leaked images, it seems the smartphone will not have this feature.

Given the listed specs of the device, it won't come as a surprise if Microsoft unveils it as a budget-friendly phone. But, for those looking a higher-end handset, the company is reportedly preparing to unveil its next flagship handsets dubbed as the3 Lumia 950 and Lumia 950 XL.

Respectively codenamed as the Talkman and Cityman, these two devices are expected to be launched on October 6, an event scheduled by Microsoft to introduce its newest Windows 10 devices.

According to Phone Dog, the Talkman or the Lumia 950 will sport a 5.2-inch screen while the Cityman will feature a larger display at 5.7 inches. Despite the size difference, both models will have a screen resolution of 2560x1440 pixels.

In addition, both will pack 3GB of RAM and 32GB of expandable internal storage. The two will also house 20-megapixel PureView rear snappers and 5-megapixel front cameras.

The Lumia 950 XL or Cityman will be powered by the octa-core Snapdragon 810 processor and will run on a 3300mAh battery pack. The Talkman, on the other hand, will come with the hexa-core Snapdragin 808 chipset and a battery capacity of 3000mAh.